Medicare Part D Open Enrollment
Medicare Part D open enrollment starts on October 15th and runs through December 7th. New plans will begin on January 1st, 2025 and will be closed to changes until October 2025. I would like to get the message out to as many people as possible that they need to be looking at the Annual Notice of Change packets they just received from their current Medicare Part D plans. These are required to be sent out to all current Medicare Part D plan members and contain all changes to their plans’ premiums, co-pays, and deductibles for the upcoming year.
Why does this matter?
Since the $2,000 cap on out of pocket Medicare prescription drug costs starts in January of 2025, some of the Medicare Part D plans may be increasing their premiums, co-pays, and deductibles to make up this loss of revenue. There may be changes to your 2024 plan next year making it much more expensive in 2025.
If you do not review your current plan during the Medicare Part D Open Enrollment Period (October 15-December 7th) and just allow it to roll over, you may be surprised to see some costly changes. The next time you will be able to fix this will be October of 2025, effective in January of 2026!
You have a chance to address this. You can make an appointment with your local SHIP (Senior Health Insurance Program) counselor and schedule an appointment to review your current plan. SHIP can be reached at (800) 252-8966 or you can find your closest SHIP counselor by visiting the SHIP page on the Illinois Department on Aging website here.
A few minutes now can save a lot later!
|